Review ABM2

Review ABM2

11th - 12th Grade

20 Qs

quiz-placeholder

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Review ABM2

Review ABM2

Assessment

Quiz

Specialty, Mathematics

11th - 12th Grade

Hard

Created by

Jeliane Casapao

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is listed first in a Statement of Financial Position?

Asset

Income

Liabilities

Owner's Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the distinct feature of the report form of Statement of Financial Position?

It is presented horizontally.

It follows the format of the accounting equation.

It is presented vertically.

It lists all Assets first, followed by Liabilities, then Equity.

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

From which financial statement is the amount in the Owner’s Capital in the Total Liabilities and Owner’s Equity section of the Statement of Financial Position based?

Statement of Cash Flows

Statement of Changes in Owner’s Equity

Statement of Comprehensive Income

Notes to Financial Statement

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following forms of Statement of Financial Position is easier to read when compared to a different year?

account form

basic form

report form

equal form

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following accounts should be listed under the Owner’s Equity of a Sole Proprietorship company?

Common Stocks - ₱20,000

Mr. Perez, Capital - ₱10,000

Retained Earnings - ₱5,000

Preferred Stocks - ₱25,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Company ABC is preparing its Statement of Financial Position. Its accountant has already prepared the headings of the statement. Which of the following should the accountant do next?

Classify the assets into current and non-current accounts, and place them in the assets column.

Copy the Ending Capital and place it under the subheading of Owner’s Equity.

Compute the totals of current and non-current liabilities and total equity.

Determine the totals of current and non-current assets from the general ledgers.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A sole proprietorship business is engaged in selling second hand cars. The business currently has 20 cars as inventory. How will the cars be classified in the Statement of Financial Position?

current asset

current liabilities

non-current assets

non-current liabilities

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